Can I retire at age 56 with 948,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $948,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%14%
1 years$78,285$77,588$76,907$76,243$75,595$74,343
2 years$38,755$38,033$37,334$36,655$35,998$34,739
3 years$25,580$24,855$24,157$23,485$22,838$21,614
4 years$18,994$18,271$17,580$16,920$16,288$15,107
5 years$15,043$14,325$13,643$12,996$12,382$11,247
6 years$12,410$11,697$11,026$10,393$9,798$8,710
7 years$10,530$9,823$9,162$8,545$7,968$6,928
8 years$9,121$8,420$7,770$7,168$6,610$5,618
9 years$8,025$7,331$6,693$6,106$5,567$4,622
10 years$7,149$6,462$5,835$5,263$4,743$3,845
11 years$6,433$5,753$5,137$4,580$4,079$3,226
12 years$5,837$5,164$4,559$4,018$3,535$2,726
13 years$5,333$4,666$4,073$3,547$3,083$2,317
14 years$4,901$4,242$3,660$3,149$2,702$1,978
15 years$4,527$3,875$3,304$2,808$2,379$1,696
16 years$4,200$3,555$2,996$2,514$2,103$1,458
17 years$3,912$3,274$2,726$2,259$1,864$1,258
18 years$3,656$3,025$2,488$2,036$1,658$1,087
19 years$3,427$2,804$2,278$1,840$1,478$941
20 years$3,222$2,606$2,091$1,666$1,320$817
21 years$3,036$2,427$1,923$1,512$1,181$710
22 years$2,868$2,265$1,772$1,375$1,059$617
23 years$2,714$2,119$1,636$1,252$950$538
24 years$2,573$1,985$1,513$1,142$854$469
25 years$2,444$1,863$1,402$1,043$769$409
26 years$2,325$1,751$1,300$954$692$357
27 years$2,215$1,648$1,207$873$624$312
28 years$2,113$1,553$1,122$800$563$272
29 years$2,018$1,465$1,044$733$509$238
30 years$1,930$1,383$973$673$460$208
31 years$1,847$1,308$907$618$415$182
32 years$1,770$1,237$846$568$376$160
33 years$1,698$1,172$790$522$340$140
34 years$1,630$1,111$738$481$308$122
35 years$1,566$1,053$690$442$279$107
36 years$1,506$1,000$646$407$253$94
37 years$1,449$950$604$375$229$82
38 years$1,395$902$566$346$208$72
39 years$1,344$858$530$319$188$63
40 years$1,296$816$497$294$171$55
41 years$1,250$777$466$272$155$49
42 years$1,207$740$437$251$141$43
43 years$1,166$705$410$231$128$37
44 years$1,126$672$385$214$116$33
45 years$1,089$641$362$197$105$29
46 years$1,053$612$340$182$95$25
47 years$1,019$584$319$168$87$22
48 years$987$557$300$156$79$19
49 years$955$532$282$144$72$17
50 years$926$508$265$133$65$15

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 56 starting with $948,000, adding $2,339 every year, while hoping to spend $53,343 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 66/28/6 Blend
55$948,000$948,000$948,000$948,000
56$1,047,109$996,865$982,171$1,115,086
57$1,097,157$988,955$958,317$1,152,599
58$1,150,523$978,869$931,876$1,186,959
59$1,207,488$966,445$902,705$1,223,086
60$1,268,361$951,510$870,655$1,261,144
61$1,333,481$933,881$835,569$1,301,317
62$1,403,219$913,364$797,284$1,343,806
63$1,477,982$889,755$755,628$1,388,839
64$1,558,219$862,835$710,424$1,436,665
65$1,644,417$832,374$661,484$1,487,562
66$1,737,117$798,130$608,613$1,541,838
67$1,836,909$759,844$551,607$1,599,835
68$1,944,442$717,244$490,254$1,661,931
69$2,060,428$670,042$424,331$1,728,547
70$2,185,651$617,934$353,605$1,800,148
71$2,320,971$560,596$277,834$1,877,252
72$2,467,334$497,689$196,766$1,960,430
73$2,625,779$428,853$110,134$2,050,316
74$2,797,448$353,707$17,664$2,147,612
75$2,983,600$271,850$0$2,253,098
76$3,185,614$182,857$0$2,372,822
77$3,405,010$86,281$0$2,504,095
78$3,643,461$0$0$2,646,862
79$3,902,804$0$0$2,807,969
80$4,185,064$0$0$3,012,297
81$4,492,465$0$0$3,234,881
82$4,827,458$0$0$3,477,502
83$5,192,738$0$0$3,742,119
84$5,591,273$0$0$4,030,889
85$6,026,327$0$0$4,346,187
86$6,501,497$0$0$4,690,625
87$7,020,739$0$0$5,067,082
88$7,588,410$0$0$5,478,725
89$8,209,308$0$0$5,929,041
90$8,888,715$0$0$6,421,872
91$9,632,445$0$0$6,961,446
92$10,446,905$0$0$7,552,419
93$11,339,145$0$0$8,199,920
94$12,316,934$0$0$8,909,596
95$13,388,825$0$0$9,687,668
96$14,564,238$0$0$10,540,986
97$15,853,552$0$0$11,477,095
98$17,268,194$0$0$12,504,307
99$18,820,753$0$0$13,631,775
100$20,525,096$0$0$14,869,584